City panel OKs $35M in bonds for Under Armour campus

A Baltimore City Council committee on Thursday approved the sale of up to $35 million in bonds to help finance Under Armour's expansion of its Tide Point corporate headquarters.

The Budget and Taxation Committee unanimously approved the sale of the bonds. The measure is to move to the full City Council on Monday.

The council last month voted unanimously and without discussion to approve tax increment financing for the project. The deal allows the city to issue bonds to pay for infrastructure improvements on and around the waterfront campus.

The city would use the proceeds from Under Armour's property taxes to pay off the bonds.

Company officials say they hope to hire as many as 500 workers over the next 10 years.